October 7, 2018 / 8:24 AM / in a month

China's Sept FX reserves drop more than expected to $3 trln

BEIJING, Oct 7 (Reuters) - China’s foreign exchange reserves fell more than expected in September as the yuan currency weakened further against the dollar amid mounting trade tension with the United States.

Reserves fell $22.69 billion in September to $3.087 trillion, compared with a decline of $8.23 billion in August, central bank data showed on Sunday.

Economists polled by Reuters had expected reserves to drop by $5 billion to $3.105 trillion.

The yuan fell for the sixth straight month in September as the dollar remained buoyant, suggesting Beijing may be in no rush to intervene as a weaker currency would support its exporters amid the escalating Sino-U.S. trade war.

The value of China’s gold reserves fell to $70.327 billion at the end of September, from $71.228 billion at the end of August. (Reporting by Shu Zhang and Xiangjin Zeng; Editing by Stephen Coates)

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